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Treasury auctions · 7-Year Note

7-year note auction of 23 November 2021 (new issue)

The 7-year note sold $63.863 billion at a high yield of 1.588% on , with a bid-to-cover ratio of 2.42.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Mar 2019 to 23 Nov 2021
High yield at each 7-year note auction, 27 Nov 2019 to 23 Nov 2021

Bid-to-cover ratio at each 7-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 7-year note auction, 27 Mar 2019 to 23 Nov 2021
Bid-to-cover ratio at each 7-year note auction, 27 Nov 2019 to 23 Nov 2021

Who bought the 7-year note of 23 Nov 2021

Shares of the competitive bids accepted

  • Indirect bidders 59.3%
  • Direct bidders 23.3%
  • Primary dealers 17.4%
This auction, 23 Nov 2021
  • Indirect bidders 63.9%
  • Direct bidders 19.5%
  • Primary dealers 16.6%
The 7-year note auction before, 28 Oct 2021

Each point is one 7-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders59.3%
Inspect and compare dates
High yield and bid-to-cover of the last 36 7-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
1.5882.42
1.4612.25
1.3322.24
1.1552.34
1.0502.23
1.2642.36
1.2852.41
1.3062.31
1.3002.23
1.1952.04
0.7542.30
0.6622.31
0.6532.37
0.6002.24
0.4622.42
0.5192.47
0.4462.45
0.5112.49
0.5532.55
0.5252.56
0.6802.76
1.2472.49
1.5702.37
1.8352.47
1.7192.44
1.6572.46
1.6332.49
1.4892.16
1.9672.27
1.8892.44
2.1442.30
2.0652.38
2.4262.49
2.3552.51
2.2812.54
2.1722.35

Observed .

Right now

The high yield of 1.588% on 23 November 2021 was the highest for a 7-year note since 26 December 2019.

The bid-to-cover ratio of 2.42 was the highest for a 7-year note since 24 September 2020, with 13 auctions in between.

The direct bidders' share of 23.3% was the highest for a 7-year note since 26 December 2019, with 22 auctions in between.

Higher than 50 of the 162 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 23 of the 24.

The primary dealers' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 59.3%
  • Direct bidders 23.3%
  • Primary dealers 17.4%

Size

Treasury sold $63.863 billion of the $59 billion offered.

Bids received came to $147.877 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 52.8% of the way from the low to the high.

2.42

Low 2.04 Midpoint 2.400 High 2.76

The security7-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in November 2028.

Understanding this result

Where it stands today

The high yield was 1.588% at this 7-year note auction, the median yield 1.532% and a bid-to-cover ratio of 2.42.

What do these figures measure?

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

Read more

How does it compare with the par yield curve?

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (7-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What these figures cannot tell

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as7-Year, new issue
Offering amount$59,000,000,000
Bids received$147,877,412,300
Sold$63,862,990,700
Competitive bids accepted$58,977,844,400
Non-competitive bids accepted$22,156,700
Federal Reserve (SOMA) add-on$4,862,989,600
Foreign and international (FIMA) non-competitive$0
High yield, %1.588
Median rate, %1.532
Low rate, %0.888
Interest rate (coupon), %1.500
Bids at the high rate filled, %92.14
Bid-to-cover ratio2.42
Indirect bidders accepted$34,970,290,400
Direct bidders accepted$13,730,200,000
Primary dealers accepted$10,277,354,000
Indirect bidders' share, % (ours)59.3
Direct bidders' share, % (ours)23.3
Primary dealers' share, % (ours)17.4
High minus median, basis points (ours)5.6
Treasury par yield curve, 7-year point, same day, %1.58
High yield minus that point, basis points (ours)0.8
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.300 of 1212 of 12
High yield1.5881.2300 of 1212 of 12
Indirect bidders' share59.360.08 of 124 of 12
Direct bidders' share23.319.50 of 1212 of 12
Primary dealers' share17.419.911 of 121 of 12
High minus median, basis points5.65.66 of 125 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 7-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.42Last 24 auctions9 of 2414 of 242.37
Bid-to-cover ratio2.42All 162 since 26 February 2009124 of 16236 of 1622.54
High yield1.588Last 24 auctions2 of 2422 of 241.102
High yield1.588Since 26 February 2009112 of 16250 of 1622.016
High yield1.588All 211 since 6 February 1980161 of 21150 of 2112.221
Indirect bidders' share59.3Last 24 auctions19 of 245 of 2461.7
Indirect bidders' share59.3All 162 since 26 February 200965 of 16297 of 16256.6
Direct bidders' share23.3Last 24 auctions1 of 2423 of 2416.9
Direct bidders' share23.3All 162 since 26 February 20099 of 162153 of 16213.7
Primary dealers' share17.4Last 24 auctions21 of 243 of 2420.9
Primary dealers' share17.4All 162 since 26 February 2009149 of 16213 of 16231.2
High minus median, basis points5.6Last 24 auctions8 of 2415 of 245.4
High minus median, basis points5.6Since 26 February 200938 of 162121 of 1624.6
High minus median, basis points5.6All 211 since 6 February 198042 of 211166 of 2114.1

The table scrolls sideways; the first column stays in place.

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 23 November 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211123_3.pdf. Compiled by 500metrics, "7-year note auction of 23 November 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-11-23.

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